M&T Bank Corp Sells 31,026 Shares of Illumina, Inc. (NASDAQ:ILMN)

M&T Bank Corp trimmed its holdings in shares of Illumina, Inc. (NASDAQ:ILMN - Free Report) by 82.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,736 shares of the life sciences company's stock after selling 31,026 shares during the quarter. M&T Bank Corp's holdings in Illumina were worth $535,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Rakuten Securities Inc. lifted its position in shares of Illumina by 290.3% in the 1st quarter. Rakuten Securities Inc. now owns 363 shares of the life sciences company's stock worth $29,000 after purchasing an additional 270 shares during the period. Center for Financial Planning Inc. acquired a new position in shares of Illumina in the 1st quarter worth approximately $33,000. Fourth Dimension Wealth LLC acquired a new position in shares of Illumina in the 4th quarter worth approximately $40,000. PFS Partners LLC lifted its position in shares of Illumina by 400.0% in the 1st quarter. PFS Partners LLC now owns 500 shares of the life sciences company's stock worth $40,000 after purchasing an additional 400 shares during the period. Finally, Golden State Wealth Management LLC lifted its position in shares of Illumina by 123.2% in the 1st quarter. Golden State Wealth Management LLC now owns 529 shares of the life sciences company's stock worth $42,000 after purchasing an additional 292 shares during the period. Institutional investors and hedge funds own 89.42% of the company's stock.

Illumina Stock Up 0.9%

Shares of ILMN stock traded up $0.86 on Thursday, hitting $97.82. The stock had a trading volume of 969,957 shares, compared to its average volume of 2,150,193. The business has a 50 day moving average of $88.45 and a 200 day moving average of $95.70. The stock has a market cap of $15.48 billion, a price-to-earnings ratio of -16.08, a price-to-earnings-growth ratio of 1.91 and a beta of 1.36. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.86 and a quick ratio of 1.48. Illumina, Inc. has a 12-month low of $68.70 and a 12-month high of $156.66.

Illumina (NASDAQ:ILMN - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The life sciences company reported $0.97 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.01. The company had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.03 billion. Illumina had a negative net margin of 22.25% and a positive return on equity of 25.54%. The firm's revenue for the quarter was down 1.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.98 earnings per share. As a group, analysts expect that Illumina, Inc. will post 4.51 EPS for the current year.

Analyst Ratings Changes

ILMN has been the topic of a number of recent analyst reports. Barclays restated an "underweight" rating and issued a $85.00 price target (up previously from $77.00) on shares of Illumina in a research report on Tuesday, June 24th. JPMorgan Chase & Co. cut their target price on shares of Illumina from $120.00 to $85.00 and set a "neutral" rating on the stock in a research note on Friday, May 9th. Guggenheim cut their target price on shares of Illumina from $122.00 to $114.00 and set a "buy" rating on the stock in a research note on Friday, May 9th. Morgan Stanley cut their target price on shares of Illumina from $136.00 to $100.00 and set an "equal weight" rating on the stock in a research note on Monday, May 12th. Finally, Evercore ISI increased their target price on shares of Illumina from $116.00 to $128.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 8th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Illumina presently has a consensus rating of "Hold" and an average target price of $125.11.

Insiders Place Their Bets

In related news, CFO Ankur Dhingra purchased 6,100 shares of Illumina stock in a transaction that occurred on Monday, May 12th. The stock was bought at an average price of $81.21 per share, for a total transaction of $495,381.00. Following the completion of the transaction, the chief financial officer owned 24,906 shares in the company, valued at $2,022,616.26. This represents a 32.44% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 2.60% of the company's stock.

About Illumina

Illumina, Inc offers sequencing- and array-based solutions for genetic and genomic analysis in the United States, Singapore, the United Kingdom, and internationally. It operates through Core Illumina and GRAIL segments. The company offers sequencing and array-based instruments and consumables, which include reagents, flow cells, and library preparation; whole-genome sequencing kits, which sequence entire genomes of various size and complexity; and targeted resequencing kits, which sequence exomes, specific genes, and RNA or other genomic regions of interest.